To protect your personal boat or any of your watercraft, you need to buy Boat Insurance. Boat Insurance also extends to a sailboat and motorboat.
Whenever you are riding on your boat, accidents like fire and lighting can happen. The severity of such accidents can be so high that they can badly damage your boat. If you have Boat Insurance, you will have no tension after such incidents. It is because your insurance company will be liable to pay for the damage to your boat.
Boat Insurance is also helpful when your insured boat caused damage to someone else’s boat. It covers boat parts including machinery of the boat, fittings, furnishings, hull, and permanently attached equipment. You will simply pay for an annual premium, and the rest is the responsibility of your insurance company!
Coverages in Boat Insurance
Basically, boat insurance provides five types of coverage. Let us look into each of them one by one:
- Coverage for Property Damage
It covers the damage caused to your boat in an accident or if someone steals it. No matter whether your boat was on land or in waters, property damage protects it if some damage has been caused to it.
- Liability Coverage
Suppose you are riding your boat in the waters of New Jersey and suddenly, your insured boat hits another boat. Now you are liable to pay for the damage caused to another person’s boat by your boat.
Since your boat is insured under Boat Insurance in New Jersey, this liability becomes the liability of your insurance company. This is what we call Liability Coverage in Boat Insurance.
- Medical Coverage
Say, for instance, you or someone else traveling on your boat gets injured during a boat accident. Medical Coverage will bear all the expenses for hospitals, medicines, and rehabilitation, etc.
- Coverage from Uninsured Boat
If an uninsured boat collides with your insured boat, the insurance company provides coverage to repair your boat.
Cost Factors of Boat Insurance
There are so many factors on which the cost of boat insurance depends. These factors vary from insurance company to company. Let us discuss some of the major factors:
- Education regarding Boat Safety
Your education regarding boat safety is an important factor to determine the cost of your Boat Insurance. Companies look if you are properly trained and certified for boat safety or not. And then, they determine the cost of your insurance plan.
- Boat Driving Record
It is another factor on which the cost of Boat Insurance depends. If you have a bad driving and boating record, you will have a high cost. On the other hand, you may have a lower cost of the plan if you have a good record.
- Limits of Liability
If you set higher limits of liability to cover, it’s likely to have a higher cost. But if your liability limit is low, the cost will surely be lower.
- Area to Cruise
It is also a crucial factor to determine the cost of the policy. The area where you are boating directly affects your plan cost.
These are some of the factors. However, there is a long list of factors that determine the cost of an insurance plan. MKZ Insurance support experts help customers to understand these factors.
If you need Boat Insurance in New Jersey, Contact MKZ Insurance!
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